Some 7,900 taels of SJC-branded gold bullion were successfully auctioned on May 21, accounting for 47.2% of the total offer (16,800 taels), according to the State Bank of Vietnam (SBV).

This is the eighth auction of SJC gold bullions organized by the SBV since April 19, with nine winning bids.

The central bank said that the highest and lowest winning bid price in this auction was the same, VND89.42 million ($3,512) per tael.

On the domestic market, the SJC gold prices are quoted at VND88.5 million ($3,476) per tael for sellers, and VND90.5 million ($3,554) per tael for buyers.

As a result, the winning bid price was VND920,000 ($36.13) per tael higher than market prices for sellers, but VND1.08 million ($42.4) per tael lower than the market prices for buyers.

The central bank stated that the purpose of the gold bullion auction is to intervene in a timely manner, reducing the gap between domestic and global gold prices. This is aimed at ensuring the gold market operates in a stable, healthy, transparent and efficient manner, in line with the Prime Minister's directives.